Twenty-nine per cent said their savings would only last one month or less, while one-quarter reported that they have enough to last them over a year.

The most common rule of thumb I’ve heard is that we should aim for 3 months of income in our emergency savings, in case of disability, sickness, job loss or otherwise. For contract workers, business owners and the self-employed, that rises to six months of income. It’s all about planning for the unexpected. It might not exactly give you peace of mind – a crisis is a crisis – but it’s one less thing to immediately deal with when the unexpected arises.

Question: How much do you have in emergency savings, or savings at all? How many months of your income could it replace?